Direct materials standard (4 lbs. $2 per lb. Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 8 per finished unit 300,000 lbs. 61,000 units $525,000 AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP - Standard Price Compute the direct materials price and quantity variances and classily each as favorable, unfavorable or no variance. Standard Cost Actual Cost 300.000 X $ 525.000 AP $ 175 SQ 61.000 SP $ 400 X $ 244000 s 0 $ $ Direct materials pnce vanance Direct materials quantity variance Total direct matenals vanance 0